Endomines' production guidance for 2019 will not to be achieved due to delays, Friday mine’s processing plant is being commissioned and tailings pond is repaired
Endomines AB, Stock Exchange Release 9 August 2019 at 08:30 CEST
Endomines' previous production estimate of 5,000-8,000oz gold in concentrate during 2019 will not be achieved. This is due to reparations of damages that the Friday tailings pond suffered during the 2019 winter/spring season, causing longer than expected delays to the production phase.
The commissioning of the processing plant has now started and the ramp-up is expected to take a couple of weeks before being fully commissioned. An underground core drilling campaign has been completed to better define the ore reserves and the mine plan.
Based on the commissioning of the plant, the results of the drilling campaign and test mining the production plan is currently being updated by the new Endomines US team. Once completed, Endomines will release an updated production guidance for the Friday mine for year 2019.
Chairman Ingmar Haga comments; “Whilst the delay is unfortunate, I am pleased that the Friday operations are starting, and we are again a gold-producing company. We have been fortunate to invest in gold assets and to take the decision to open up a new mine and build a new processing facility when gold prices were substantially lower than they now are, when we enter production phase.”
Ingmar Haga, Chairman, +358 40 700 35 18, firstname.lastname@example.org
Marcus Ahlström, Interim CEO, +358 50 544 68 14, email@example.com
This information is information that Endomines AB is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication through the contact persons set out above at 08:30 CEST on 9 August 2019.
Endomines is a mining and exploration company with its primary focus on gold. The Company explores for gold along the Karelian Gold Line in Eastern Finland and develops mining operations in Idaho, USA. Endomines aims to improve its long-term growth prospects by increasing its exploration activities and through acquisitions. Endomines aims to acquire deposits that are situated in stable jurisdictions and can be brought to production rapidly with limited investments.
The shares trade on Nasdaq Stockholm (ENDO) and Nasdaq Helsinki (ENDOM).